In August 2016, Council agreed to offer Environmental Upgrade Agreements (EUA) in order to support businesses to reduce costs and to improve their environmental performance.The Sustainable Melbourne Fund is working in partnership with Council to deliver this service.
An EUA is an agreement between a building owner, a bank and the local council that provides fixed rate loans for building improvements to ensure a reduction in emissions and to facilitate better environmental performance as well as ensuring significant cost benefits for your business.
Various types of renewable energy, for example:
- Solar panels
- Double glazing
- LED lights
- Motion sensors
- Weather proofing
- Chiller upgrades
- Ventilation
- Water management
A finance lender provides a loan and the building owner pays it back through Council similar to the rates process. Council’s involvement in this process ensures that the loan is highly secure and the lender will provide better terms.
Environmental upgrade finance is now available to create a more sustainable future for your building and your business.There are two distinct stages to the approval process for property owners applying for financing through the Environmental Upgrade Program.
Initial project approval
The property owner submits an application to the Sustainable Melbourne Fund who provides initial approval after verifying that the proposed project meets eligibility requirements.
Eligibility is confirmed within 10 business days if the project includes only common improvements.
Where custom improvements are included, confirmation of eligibility will take an additional 10 business days.
The Sustainable Melbourne Fund may also request to a site visit prior to approving an application. The three possible outcomes of the initial application review process are:
- Approval: all improvements meet eligibility requirements.
- Partial approval: some improvements meet eligibility requirements.
- Application ineligible: improvements do not meet eligibility requirements.
In the case of either a partial approval or ineligibility, the property owner will be notified which improvements do not qualify and why. The Sustainable Melbourne Fund will grant eligibility based on an audit report and/or initial quotes. Final quotes will be required before signing the agreement.
Upon receipt of the funding documents which include: a letter of offer and payment schedule, statutory declaration and associated annexures, final project scope and quotes, the Sustainable Melbourne Fund will issue the draft Environmental Upgrade Agreement and liaise with the funding body and Council to finalise the process.
The following applicants are eligible to apply:
- Building owners
- Building occupants e.g. tenants
- Service providers e.g. Financial advisors, Property Developers.
- Property managers e.g. Real Estate Agencies, Body Corporates
Contact Sustainable Melbourne Fund on (03) 9658 8740 or email info@sustainablemelbournefund.com.au to enquire about applying for an EUA. They will check your eligibility and assist you throughout the application process.
For more information email ecodevadmin@mrsc.vic.gov.au or call (03) 5421 9616